![]() Countries, which have less sunny days, are trying to carry the energy that they generate at different points in the world to their own countries with the off-shore systems. Two of the renewable energy types wind energy and solar energy, are shining out. Instead of nuclear power that is energy resource in the Industrial Economics Period, five fundamental types of renewable energy took place in the New Economy. Countries that transitioned to the New Economy whose energy needs to be reached saturation point prefer to close their nuclear power plants rather than renew them when their life spans run out. ![]() Businesses and countries which gave more importance to research and development, and allocate resource to them, and then transform them to patent and new enterprises are rising in the new era.Įconomics periods influence energy needs and resources directly. Works in the field of new economy can produce much more added value by utilizing fewer resources. Naturally, the process will cause the unemployment of blue-collar workers. While the need for technical services decreases with the self-repairing systems and software, efficiency in production takes the place of recycling. As the production of products has become unique and personalized, the design will be stand out. In the next stage, many mass-production jobs will come to an end with the widespread use of three-dimensional printers. Logistics have become a more crucial factor for businesses that carry their productions to different points of the world due to low-cost labor. It includes important differences from the Industrial Economics Period in terms of social dynamics.Īlong with the transition to the New Economy Period, the industrial robotics take the place of manufacture depends on human power. This period, when the information and technology became production input and growth factor, is named as the New Economy Period. When computers began to be used for personal and institutional purposes in the 1970s, the transition to a new period started. At the end of the process, Western Civilization got ahead of Eastern Civilization and Agricultural Economics Period replaced with Industrial Economics Period. Changes were not occurred by people to become modern systematically, yet intellectual, social and political changes in living conditions became obligatory. Civilizations that have suitable climate and soil for farming, various and nutritious regional farm products and adequate animal power to agriculture came into prominence.Įurope experienced a process that started in the fourteenth century and had been lasting for almost five centuries. The most crucial factor that affects societies in the Agricultural Economics Period is geography. It transitioned from the Natural Economics Period that is non-resident, hunter and gatherer to Agricultural Economics Period by spreading seed on the soil. Each period is not an economic stage transitioned by meeting a few criteria, but they are social eras lasting for centuries, and seen impacts on every country at different times. Metnin Türkçesini bağlantıdan okuyabilir veya dinleyebilirsiniz.Įconomy history is composed of four fundamental periods: Natural Economics Period, Agricultural Economics Period, Industrial Economics Period and New Economy Period. A YED smaller than zero tends to be the case for inferior goods. In other words, consumers demand less of this product when income increases. This means that an increase in income will result in a proportionally larger decrease in the quantity demanded. YED <0: If YED is smaller than zero, it implies a negative elasticity of demand. A YED larger than 1 tends to be the case for luxury goods - as average income increases, consumers tend to spend more on luxuries like designer clothes, expensive jewellery, or luxury holidays. This means that a change in income will result in a proportionally larger change in quantity demanded. There are three different expected outcomes:Ġ 1: If YED is much higher than one, it implies income elastic demand. Similarly to PED, we need to understand how to interpret the value of YED. ![]() Market Segmentation Targeting and Positioning.
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